Registration will allow you to participate in the forum, exchange private messages with other users, and save articles and properties in your favourites. Your information will not be used for any other purpose, and you can delete your profile at any time by emailing gdpr@spanishpropertyinsight.com. By submitting this form you agree to our Privacy Policy, Terms of Use, and Cookie Policy.

It has been on sale for a long time. Maybe not as great a bargain as it appears. The Hotel still needs a complete update. The once perfect location is now surrounded by massive developments and most of the balconies now overlook the Toll road! The rich clientele have moved on. Hotel occupation has fallen 11% to 20% this year (depending which newspaper is read). The workers will have accrued costly “rights” which the company will have to address.

Perhaps he will buy the 2 Guadalpins in Marbella and Banus next. Although I seem to remember the rooms were sold to investors back in the days. As I remember it you owned the room and shared the occupancy profit less costs and could sell it in 2 years for double the price of course.

I’m sorry but I know prices have dropped and everything is not as rosey as it once was but 2.5m for a 96 bed hotel on the cds. That really has to be a bargain in anybodys books? Surely this is incorrect?

Heard that the buyer will have to take on 25 million of debts too. Don’t know how true it is. Whatever is done to the Hotel it won’t attract the rich anymore, even people using cheap package holidays don’t want to sit looking at a motorway.

It should be clear of any debts. A few years ago the bank was asking in excess of 36 mill and there were debts.

In the last couple of months it came to me debt free, the management were still Aifos but on a day to day managing basis, 3 companies had tendered for the management contract. It had been refurbished and turning a profit. At the last count they were looking at offers on an asking price of around 12 mill, which dropped to 9, still with no takers!

Several interested (not through me) had cash that couldnt be proven, shall we say and so was not accepted.

Not totally surprised to see it go at that price but also I agree the location itself is good but was spoiled terribly by some cheap and nasty throw up apartments.

Well, the plot thickens! The bank are adamant it hasnt been sold! The bank did get the auction suspended twice and apparently all thats been sold is one plot out of the three! And that had debts which have to be cleared.

Apparently they are really annoyed at the article as now everyone will think its cheap for sale, BUT it was out there well below the mortgage on it anyway

Would be nice if they were clear on policy and I remember why I dont deal with these idiots!

That makes sense, and is why the bank says it hasnt sold either as this must be the worlds slowest auction!!! Maybe there will be a higher bid – but my clients have still gone to view today as its still available!!!!!!!!!!!!!!!!! (allegedly!)

So how much did it acutally sell for? I had also heard it was up at around the 11 million mark – and that was being reposessed due to debts by Aifos…..surely 2.5 million wouldn´t cover the debts as if so they could have sold it themselves for more and turned a profit surely?

As far as I was aware and according to the paperwork I had there were no staff wages or anything outstanding as its a tendered management company who have the contract, in fact its still aifos but on a day to day management basis.

The banks can let it go if they are only dealing with the principal debt and let it go for that sum, it has been through auction before in which case the cum the court can legally accept will be less.

The system is complicated and even after the bid is accepted, in this case, there is a 10 day window for a higher bid to come in.

Need to go talk to the subasteros!!!

Thats why I dont deal with them, its never going going gone!! 😯

Author

Posts

The forum ‘Real Estate Topics, News & Discussion​’ is closed to new topics and replies.

Closed for Refurbishment

Apologies. The forums here are now closed to new activity pending a redesign.

You can continue to browse historic topics.

Knowledge is power!

Subscribe to my news bulletin for insight and reports to help guide you in this opaque market.

Your Email *

Nationality *

Profile *

By submitting this form you agree to our Privacy Policy & Terms of Use. You will be sent an opt-in email with data privacy (GDPR) information to confirm your subscription.

Explore

Follow

The information contained in this website is for general information purposes only. While we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.

Registration will allow you to participate in the forum, exchange private messages with other users, and save articles and properties in your favourites. Your information will not be used for any other purpose, and you can delete your profile at any time by emailing gdpr@spanishpropertyinsight.com. By submitting this form you agree to our Privacy Policy, Terms of Use, and Cookie Policy.